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GlobeSt.com EXCLUSIVE: 1.1M-SF Mall Marks Texas Entry

HOUSTON-Somera Investment Partners and CoastWood Capital Group get their first Texas deed with the 1.1-million-sf West Oaks Mall, where four of five anchors own their sites. The new owners and new leasing team now start to formulate a perk-up plan.

By Jennifer Brenner Andrade | Updated on July 27, 2003

HOUSTON-An out-of-state partnership has bought its first piece of Texas with a 420,000-sf block of the 1.1-million-sf West Oaks Mall in West Houston in a value-add play that will be seeded by a multi-million-dollar rejuvenation that’s sure to bring some newcomers to the roster.

In a mid-afternoon closing Friday, Somera Investment Partners LLC of Santa Barbara and CoastWood Capital Group LLC of Greenwich, CT, acquired the asset from TCW Realty Advisors, an affiliate of Los Angeles-based CB Richard Ellis Investors LLC. Partnering on the acquisition is Seligman Western Enterprises of San Francisco. Acquisition debt was placed with Deutsche Bank.

The 90%-leased mall, where four of its five anchors own their locations, was developed in 1984 by Chicago-based JMB/Urban, the leasing agent and property manager until the sale. Real estate sources say TCW Realty acquired the deed in lieu of debt in the late 1990s.

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